Despite a population of 40 million, Canada has 100,000 fewer entrepreneurs than it did 20 years ago, according to a BDC study conducted in collaboration with the Université de Montréal Innovation Centre and Millénium Québecor and released as part of BDC Small Business Week.
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This general trend is alarming, said the report. By 2022, only 1.3 person out of 1,000 had started a business, compared to three out of every 1,000 in the year 2000.
“This is worrying because entrepreneurship is crucial to the economy, fueling innovation and economic growth,” said Pierre Cléroux, Vice-President, Research and Chief Economist at BDC.
The report identifies several factors contributing to this decline, including low unemployment, high wages, an aging population and a more complex business environment.
The report also highlights a sad fact: one-third of new businesses close their doors within five years.
“This situation shows the gap between the intention to start a business and entrepreneurial success,” said Cléroux. “To close this gap, it is important for entrepreneurs to acquire essential skills to launch and grow their businesses, especially in an increasingly complex business environment.”
The report identifies four distinct groups of skills needed to succeed in business: the most crucial being grit and relationship skills, which prove essential at all stages of a company’s growth.
- Grit and relationship skills
- Marketing and finance
- Leadership and people skills
- Operational administration skills
Mario Toneguzzi
Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list)
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